Massachusetts Petitions, Deeds Post Year-Over-Year Decreases

As the housing market recovery carries on, a slowdown in foreclosures activity continues in Massachusetts, according to data from The Warren Group.

A total of 407 foreclosures were initiated in July, a 66% drop compared to a year ago when 1,198 petitions were recorded. This marks the ninth straight month of declining year-over-year foreclosure petitions, the Boston-based firm said.

Through July, 3,350 petitions have been filed this year, which is down more than 68% from the same time period last year when 10,623 foreclosure starts occurred.

Foreclosure deeds also fell on a yearly basis in July to 298. This is a 54% decrease from 648 in July 2012 and represents the 14th consecutive month of declining completed foreclosures. So far this year, a total of 1,873 foreclosure deeds have been filed, 65% less than a year ago.

Additionally, the number of auction announcements tracked by The Warren Group shrank with only 502 this July. There were 1,168 last year, which is a difference of 57% year-over-year.

“An improving economy, rising home prices and the spring’s low interest rates have boosted home equity values, thus suppressing foreclosure activity,” said David Harris, editorial director at The Warren Group.